Introduction to marketing
What is Marketing?
“Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
– P. Kotler
Marketing is the process of interesting potential customers in your products and/or services. The key word is “process”; marketing involves researching, promoting, selling, and distributing your products or services.
Marketing is a dynamic – wide arayed topic, which makes use of discoveries from multipple disciplines and is used across all aspects of social life. Marketing involves everything you do to get your potential customers and your product or service together.
Key Fields of Marketing
An overlap exists among many marketing firlds and proffessions. Marketers love jargon and it is assumed that there are over +160 specialisms within the field of markering.
A 21’st century modern day marketer should have substantial knowledge across all fields, specialising in 2-3 areas. The below list highligths some of the core fields that exist across all oeprations…
Market researchers employ several tactics for identifying – analysing – tracking and gathering information about target audience groups.
Refers to brand promotion on any kind of channel/medium/outlet.
Performance marketing are programs where advertisers pay only when a specific action occurs.
Direct Response Marketing
Direct marketing involves sending marketing materials directly to consumers to capture immediate results.
.This type of marketing encompasses all marketing efforts that use an electronic device or the internet. This category is fast-emerging with traditional marketing technqiues.
Search Engine Marketing
SEM includes all activities in the effort of ensuring your business’s products or services are visible on search engine results pages.
Guerrilla marketing is placing bold, clever brand activations in high-traffic physical locations to reach audiences in a creative and cost-effective way.
Neuromarketing blends neuroscience and marketing to help brands gauge the emotional resonance of their current and future marketing campaigns.
Introduction to Marketing
There are numerous marketing frameworks available within the market. New trends are emerging on an ongoing basis – based arround similar methodologies. Seasoned practitioners will tend to have have 4- to 5 frameworks they access within their toolkits. It’s worth evaluating what toolkit best suits your industry. Some of the well reputed marketing frameworks are:
Kotler's 7 P's - Marketing Mix
Refers to Product, Price, Place, Promotion, People, Process and Physical evidence – these elements of the marketing mix form the components of a marketing plan.
Unique Selling Proposition is the concept that brands should make it clear to potential buyers why they are different and better than the competition.
This model allows marketers to visualise a brand’s relative position in the market place by plotting consumer perceptions of the brand and competitor brands against the attributes that drive purchase.
This framework assesses the macro-environmental factors on a product – political, economical, social, technological, legal and economic.
Segmentation, targeting and positioning
This process involves analysing which distinct customer groups exist and which segment the product best suits before implementing the communications strategy
Key Figures of Marketing
Within all introduction to marketing courses you will hear of Philip Kotler. He is regarded as the “father of modern marketing.” Kotler’s book Marketing Management is the most widely used textbook in marketing around the world.
However, that does not make him the leading force behind marketing. He is merely a good academician who has compiled existing knowledge sets. Real thought leaders of marketing can be seen within the work of brands that have led their businesses to global success…
Think of over-achieving companies who have dominated their sectors – not via revolutionising a product – but by utilising marketing and communications success…
“Brand is just a perception, and perception will match reality over time.”
— Elon Musk
“I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
― Maya Angelou
“To continue winning the internet marketing game, your content has to be more than just brilliant — it has to give the people consuming that content the ability to become a better version of themselves.”
― Michelle Ross
“A brand is the set of expectations, memories, stories, and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.”
– Seth Godin
“Your brand is what people say about you when you’re not in the room.””
– Jeff Bezos
“If your stories are all about your products and services, that’s not storytelling. It’s a brochure. Give yourself permission to make the story bigger.”
– Jay Baer